Ripple (XRP) altcoin, the world’s third-largest cryptocurrency has increased by 31 percent against the US dollar in a period of 48 hours. According to the coming altcoin news, the XRP to dollar exchange rate reached an intraday high of $0.405.
The XRP/USD exchange rate on Tuesday increased up to 25.05 percent when the market opened on the Luxembourg-based Bitstamp exchange. The pair dropped up to 5.05 percent during the European session in order to neutralize its overbought levels and found a support level at $0.384.
The sentiment came across the rest of the crypto index when almost all of the top cryptocurrencies reached surplus intraday gains. Bitcoin (BTC) extended its rally action and managed to establish a new 2019 peak towards $8,836. Ethereum on the other hand along with Bitcoin Cash and EOS also recorded double-digit gains over the 24 hours timeframe.
The crypto breakout action enhanced with a rise in trading volume which also confirmed the strong bullish sentiment on the market. Exchanges that support XRP-enabled pairs noted a $3.69 billion worth of buying and selling activity. In the same time, as reported in the best cryptocurrency news sites, the manipulated volume statistics shows that there is about $127 million value of trades over the past 24 hours.
The Ripple (XRP) altcoin was hinting its plan to extend its upside momentum and consolidated sideways while trading at $0.385. The gains of the altcoin are contributed to the confluence of positive fundaments in both outside and inside of the crypto market. The rise of trade tensions between China and the US seem to be influencing the sentiment as it appeared across the rest of the market.
The XRP asset found additional support from the Boerse Stuttgart. The second largest stock exchange launched two-exchange traded notes for Litecoin and XRP. Also, Boston-based asset management company Fidelity Investments announced the offering of XRP trading services to its institutional clients.
The buying sentiments improved for Ripple (XRP) at least in the past few days. They also served as major factors to drive the upside movement further which made it attractive for investors to build their positions. The Relative Strenght Index for Ripple (XRP) was above 70 which shows there is some overbought sentiment. This does not impact the bullish bias in the near-term which hints a downside correction.
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“Now Abra users in the Philippines can quickly and easily add pesos into Abra and use that to invest in cryptocurrencies or popular stocks like Google, Amazon, Facebook, etc., which opens up a world of new possibilities to build wealth.”The investment app Abra was in the news back in February as well. Then, it said that it was launching a new service which allowed customers to invest in fractions of stocks of NASDAQ-listed firms. The app also supports 30+ cryptocurrencies and 50+ fiat currencies. According to the general manager at ECPay, this partnership “widens the product and service offerings of ECPay to its Collection Partners like 7-Eleven, NCCC Department Stores and Supermarkets, LCC Malls and other Remittance, Pawnshop partners." For those of you who don't know or are not following our altcoin news, the Philippines adheres to the Cagayan Economic Zone Authority (CEZA) which unveils a comprehensive set of new rules that govern cryptocurrencies. All of this was made in a bid to effectively regulate and protect investors. Under the rules, all Digital Asset Token Offering (DATO) regulations must have proper offering documents with pertinent details on the issuer, project and accompanying advice and certification of experts and DA Agents.
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“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”Wells Fargo tokenizes by using the possibility of transitioning to a new internal database. One of the former senior blockchain and crypto strategists at EY previously commented:
“I’m genuinely curious as to the definitional difference, and then the supposed improvements. How many people can explain how this solution is technically different than what banks have always done? […] They’ve just changed their database.”This is not the first rodeo for the ecosystem and this year since many stakeholders in the space including the non-profit groups explained the characteristics of JPMorgan’s JPM Coin which was a project permissioned and closed-source. JPMorgan is also looking as Wells Fargo to innovate in the blockchain arena as reported in the altcoin news previously. The central banks are getting in on the action as well since the Bank of Russia is also working on a blockchain-powered digital currency while the People’s Bank of China aims to launch its own cryptocurrency as well.
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